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PEPE’s rally: Is $0.0000191 the next stop for the surging memecoin?

Press Releases Crypto News AMB-Crypto PEPE’s rally: Is $0.0000191 the next stop for the surging memecoin?

PEPE’s trading volume increased while its price surged.
In case of a price uptick, the memecoin’s price might touch $0.0000191 again.

PEPE’s price has risen considerably over the last week, which was backed by a rise in trading volume. Generally, a rise in volume amidst a bull rally acts as a foundation for a further price hike.

So, will PEPE grow further in the remaining few days of this year?

PEPE to rise further?

Over the last seven days, the memecoin displayed promising performance as its value increased by more than 8%.

At the time of writing, the memecoin was trading at $0.00001855 with a market capitalization of over $7.88 billion, making it the 24th largest cryptocurrency. In the meantime, PEPE’s trading volume increased.

While the coin’s price gained bullish momentum, buying pressure around it also increased.

As per Hyblock Capital’s data, PEPE’s buy volume reached 78 on the 29th of December. For the uninitiated, a value closer to 100 indicates high buying pressure on a token, which often pushes prices up.

Source: Hyblock Capital

What other metrics suggest

AMBCrypto then assessed other datasets to find out the likelihood of the memecoin’s upward momentum continuing in the coming days.

As per our analysis of Santiment’s data, the memecoin’s network growth started to increase after a dip. This indicated that more new addresses were created in order to transfer the token.

The memecoin’s MVRV ratio registered a slight increase, indicating that the market cap had increased relative to the realized cap.

Apart from that, the big-pocketed players in the market were showing confidence in PEPE. This was evident from the rise in the supply held by whales in the l

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Author: Dipayan Mitra

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